US open: Stocks higher as Q2 earnings season begins to pick up steam

dl wall street wall st new york city nyc new york stock exchange nyse nasdaq trading finance us usa united states of america unsplash — Sharecast / Sophie Backes via Unsplash

Wall Street stocks were in the green early on Monday as Q2 earnings and an attempt on former president Donald Trump's life were both firmly in focus.

As of 1530 BST, the Dow Jones Industrial Average was up 0.40% at 40,162.75, while the S&P 500 advanced 0.57% to 5,647.24 and the Nasdaq Composite came out the gate 0.82% firmer at 18,548.50.

The Dow opened 161.85 points higher on Monday, extending gains recorded in the previous session.

Investors were zeroed in on an attempt on former president and current Republican party candidate Donald Trump's life, with many traders speculating that the attempt may lead to an improved poll performance for the Republicans ahead of the November election. The Republican National Convention will also kick off Monday, with Trump currently leading Joe Biden in national polls.

On the macro front, the Empire State manufacturing index fell to -6.6 in July, according to the New York Federal Reserve, slightly below market expectations from a reading of -6. New orders were stable, while shipments increased only ever so slightly. Despite current conditions, firms expressed optimism for future improvement, even though weak employment and capital spending plans remained a concern.

Still to come, Federal Reserve chairman Jerome Powell and San Francisco president Mary Daly will deliver speeches at 1730 BST and 2135 BST, respectively.

In the corporate space, Goldman Sachs said on Monday that profits had soared 150% year-on-year in Q2 on the back of increased investment banking activity during the period, and BlackRock announced a robust set of second-quarter results and said total assets under management reached a fresh record amid growth across its platform.

Elsewhere, Alphabet was said to be in advanced talks to acquire cybersecurity firm Wiz for $23.0bn, according to the Wall Street Journal, potentially paving the way for Google's largest ever acquisition, while department store retailer Macy's shares sunk after it terminated takeover talks with Arkhouse and Brigade.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $209.91 2.43%
Goldman Sachs Group Inc. (GS) $490.40 2.19%
Unitedhealth Group Inc. (UNH) $522.08 2.06%
Apple Inc. (AAPL) $234.90 1.89%
American Express Co. (AXP) $242.36 1.56%
Caterpillar Inc. (CAT) $340.48 1.46%
Travelers Company Inc. (TRV) $214.01 1.14%
Intel Corp. (INTC) $34.85 1.03%
Chevron Corp. (CVX) $156.82 0.79%
Walmart Inc. (WMT) $69.67 0.62%